REAL ESTATE

Building Momentum: About 75 people gathered last week for a USC Real Estate Alumni and Friends meeting at the Plaza Tower building in Costa Mesa. During the meeting Rocky Tarantello, president of Tarantello & Associates, a Newport Beach real estate consulting firm, suggested the worst is over for the Orange County real estate market. Gary Gerson, marketing director for Plaza Tower, touted the attractions of the 21-story building, which is nearly 65% occupied, in an attempt to attract new tenants. Designed by architect Cesar Pelli, the stainless steel-clad office tower is the most recently built high-rise office building in Orange County. The building was developed by C.J. Segerstrom & Sons and IBM.

“We’re trying to appeal to tenants who are looking for something different. It’s a building that says something about your company, and gives you an opportunity to make a statement,” Gerson said. IBM, Pillsbury, Madison & Sutro, American Airlines and American Express Travel also lease at the building. And U.S. Trust of California, a private banking firm which manages more than $30 billion for individuals and institutions, just signed a lease for 5,200 square feet on the ground floor of the tower.